Let's Get Answers

Frequently asked questions

How long has Steve been a trustee and how many transactions has he done?

Steve's trustee experience started in 2007 in a unique way when he assisted in bringing employee-ownership to a small group dental practice for which he was the CFO/COO. His first trustee experience was for his own company since then, he's provided transactional trustee services for over 175 companies.

How many clients do you support with Ongoing Trustee Services?

The team at SCJ current provides support for over 80 Employee-Owned companies. We are proud to share over the course of the past four years, we have 100% retention of all ESOP transactions for which Steve has served as the transactional trustee. We believe that the practical experience of our SCJ team makes us a great long-term partner for our ESOP clients.

What do you think sets the SCJ team apart from other Trustee teams?

We believe our SCJ team is uniquely qualified as a trustee team due to both of our professional and practical ESOP knowledge and experience. Steve began his trustee career in a very non-traditional way, by leading the company, in which he served as CFO, through a minority ESOP transaction. While his roles as trusee for this company was short lived, his leadership as CFO lasted for well over a decade. This experience is what started his passion for employee ownership and continues to be an advantage for Steve as he serves in both discretionary and directed trustee roles. He understands the significance of being a fiduciary and serving with prudence-- simply stated, he knows what good business looks like, having led a $200M+ minority ESOP company for many years. In addition, each SCJ team member has been fortunate enough to work for and with employee owned companies prior to joining our trustee team at SCJ. Our "real world" practical ESOP experience often provides a bit of competitive advantage because we understand and have been on both sides of the ESOP table. The unique experience of our team allows us to focus on being comprehensive and compliant but also very flexible and practical, which is something our clients appreciate.

From your firm's standpoint, what is the difference between a "directed" and "discretionary" trustee?

Our firm believes a directed trustee is obliged to follow direction so long as there is no fiduciary or ERISA violation. We believe a discretionary trustee serves a broader interest which includes the fiduciary and ERISA obligations as well as the broader prudent man rule, which means you must also act in the best interest of the participants. We choose to exercise as a discretionary trustee even when we are engaged as a directed trustee.